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Premier Storage Investors Acquires Self-Storage Property in Bellevue for $51M
Memphis, Tennessee-based Premier Storage Investors has acquired West Coast Self-Storage, a six-story self-storage facility located at 12399 Northup Way for nearly $51 million.
The seller is Commune Capital, a real estate investment firm headquartered in Westlake Village, California, reported the Puget Sound Business Journal. The 140,000-square-foot facility contains approximately 1,000 storage units and opened in 2016.
The project is situated on a 1.2-acre site off state Route 520. Commune Capital purchased the undeveloped property in 2014 for $2.2 million and built the self-storage facility at a cost of approximately $9.3 million.
With the acquisition, Premier Storage Investors operates seven locations across Washington and the Pacific Northwest. The firm also recently completed a 101,500-square-foot storage facility at 1115 NW 46th St. in Seattle’s Ballard neighborhood and the company is currently developing a 95,000-square-foot storage project in Auburn. Premier Storage Investors has approximately 6 million square feet of storage space across 15 states.
